Chapter 6 Marketing Terms (Test 2)

Segmentation strategies (all types)
-Geographic segmentation: Where?
-Demographic segmentation: Who?
-Psycho-demographic segmentation: Why?
Competitive advantage
An advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices.
Differentiated marketing
A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each.
Individual Marketing
Tailoring products and marketing programs to the needs and preferences of individual customers.
Local Marketing
Tailoring brands and marketing to the needs and wants of local customer segments- cities, neighborhoods, and even specific stores.
Market Segmentation
Dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
Micromarketing
Tailoring products and marketing programs to the needs and wants of specific individuals and local customers; it includes local marketing and individual marketing.
Product positioning
The way a product is defined by consumers on important attributes- the place that products occupies in consumers’ minds relative to competing products.
Positioning
Arranging for a market offering to occupy a clear, distinctive , and desirable place relative to competing products in the minds of target consumers.
Positioning statements
A statement that summarizes company or brand positioning using form: To (target segment and need) our (brand) is (concept) that (point out difference).
PRIZM
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Target Marketing
A set of buyers sharing common needs or characteristics that the company decides to serve.
Undifferentiated marketing
A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with market one offer.
Value propositions
The full positioning of a brand- the full mix benefits on which it is positioned.